Stock Market Highlight #13
Short positions reestablished based on retracement concepts
explained in "The $upertrader's Reference Manual".
(COMMENT # 571)
UPDATED 19980806
COMMENT 1998-571
1. The decline in the stock market did stop yesterday as expected.
2. The SPU has retraced about .382 of its "3rd wave" down.
3. The NQU has retraced about .500.
4. If the interpretation is correct, the 980728 low to 980730 high corrective move was a
"SIMPLE" "2 wave" correction.
5. This puts us in the "4th" corrective wave with the "A" wave high
established yesterday morning, the "B" wave late yesterday afternoon, and we're
now in the "C of 4" wave.
6. We can use the trading technique on pages 236-7 of "The $upertrader's Reference
Manual" to reenter shorts which will provide close stops if filled.
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